607
submitted 1 year ago* (last edited 1 year ago) by MicroWave@lemmy.world to c/politics@lemmy.world

Donald Trump fraudulently inflated his net worth by as much as $2.2 billion per year, New York officials said in court filings unsealed Wednesday ahead of his upcoming civil fraud trial.

The new estimates came in filings from the New York state attorney general’s office, which is suing Trump, some of his adult children and his business empire for falsifying his net worth in an effort to obtain favorable terms from banks and insurance companies. The trial is set to begin Oct. 2.

all 37 comments
sorted by: hot top controversial new old
[-] FuglyDuck@lemmy.world 136 points 1 year ago

This certainly explains why he needs broke ass dumbasses to pay his legal fees for him.

So much winning!

[-] 0110010001100010@kbin.social 56 points 1 year ago

I love the poorly educated!

-Trump in 2016

There is a reason the GQP it trying to dismantle the education system in the US...

[-] FuglyDuck@lemmy.world 21 points 1 year ago

oh absolutely. ironically, he's just as dumb as his constituents.

[-] FlyingSquid@lemmy.world 14 points 1 year ago

Professor Kelley told me 100 times over three decades that “Donald Trump was the dumbest goddam student I ever had.” I remember his emphasis and inflection — it went like this — “Donald Trump was the dumbest goddam student I ever had.” Dr. Kelley told me this after Trump had become a celebrity but long before he was considered a political figure. Dr. Kelley often referred to Trump’s arrogance when he told of this — that Trump came to Wharton thinking he already knew everything.

https://www.dailykos.com/stories/2017/10/12/1705902/-Former-Wharton-Professor-Donald-Trump-Is-the-Dumbest-Goddam-Student-I-Ever-Had

[-] Nougat@kbin.social 17 points 1 year ago

Explains his having to get a bail bond, L, O, Fucking L.

[-] TheJims@lemmy.world 53 points 1 year ago

Is there anything that Trump doesn’t fraudulently inflate about himself?

[-] wahming@monyet.cc 56 points 1 year ago
[-] spider@aussie.zone 26 points 1 year ago* (last edited 11 months ago)

Id heard he lied or whatever but 215? Shouldn't he at least make it believable? Like pretend there's muscle under there or something.

[-] nutlink@kbin.social 16 points 1 year ago

Apparently we're suppose to believe he's an inch taller but 10lbs lighter than Patrick Mahomes of the Kansas City Chiefs.

[-] ArtVandelay@lemmy.world 2 points 1 year ago

Lmao damn, there's some perspective

[-] spider@aussie.zone 2 points 1 year ago* (last edited 11 months ago)

Shouldn't he at least make it believable?

Why bother? He's a serial bullshitter.

[-] Amazed@lemmy.world 1 points 1 year ago
[-] ButtholeSpiders@startrek.website 34 points 1 year ago

So if he claimed it was 2.5 billion, but is inflated by 2.2 billion, his net worth is more like 300 million?

[-] FarceMultiplier@lemmy.ca 35 points 1 year ago* (last edited 1 year ago)

In other words, substantially less than he inherited from his father.

[-] IphtashuFitz@lemmy.world 24 points 1 year ago

How dare you use woke math against him!

[-] macrocephalic@lemmy.world 2 points 1 year ago

h, saying he falsely boosted it by between $812 million to $2.2 billion (or 17-39%) in each year from 2011 to 2021.

More like he's worth about 2.5B but he was telling banks he was worth 5.

[-] Pringles@lemm.ee 9 points 1 year ago

Forbes counts 550m for truth.social, which is a ridiculously high valuation. The rest is mainly ties up in NY real estate, which is struggling. He's not poor by any means, but 2.5B is still a massive overvaluation most likely. Count his liabilities (1B in debts as of 2020) and I doubt he breaks a billion.

[-] Pretzilla@lemmy.world 6 points 1 year ago

He's so leveraged and indebted to his Russian and Saudi overlords it's quite possible he's underwater

Thusly his motivation to peddle secret docs

[-] CADmonkey@lemmy.world 4 points 1 year ago

I feel like having someone indebted to foreign countries handling top secret documents is a national security issue, but what do I know I just make drawings.

[-] Noughmad@programming.dev 1 points 1 year ago

NY real estate, which is struggling

Sorry, what did I miss? Isn't NY real estate the place where a 200sqft apartment costs millions of dollars?

[-] Pringles@lemm.ee 9 points 1 year ago

Ok, so a couple of things make his portfolio worth less than you would think. To start, he doesn't own all of it outright, most of it is financed with debt and a large part of his portfolio is in commercial real estate, which is struggling to get back to pre-covid occupancy. Last but not least, he slaps his name on everything and many people do not want to be associated with him in any way, shape or form, so his luxury condos are also struggling with occupancy.

[-] Noughmad@programming.dev 1 points 1 year ago

Ok, thanks. I totally get the massive debts and his name being a liability (at least to the people who have enough money to buy what he's selling).

[-] Snapz@lemmy.world 33 points 1 year ago

We need to know trump's actual net worth right before his first campaign launched.

[-] echodot@feddit.uk 17 points 1 year ago

I'm betting it isn't much higher than 50k

Seriously how did anyone think this guy was wealthy? I have a rat who has more business acumen than that idiot. That's been true since the apprentice days.

Wasn't there a guy once who managed to become a multi-millionaire by just claiming to already be a millionaire and getting favourable bank loans?

Why are the banks not checking this shit. What's the point in them.

[-] anonono@lemmy.world 3 points 1 year ago

I'm betting it isn't much higher than 50k

lol if you hate the guy you could just go with negative numbers instead.

it's not uncommon for rich people to go into the negative millions when their investments go belly up.

[-] athos77@kbin.social 14 points 1 year ago

Any chance that some of the lenders might sue him as well, for falsifying his application?

[-] ElBarto@sh.itjust.works 10 points 1 year ago
[-] Blackmist@feddit.uk 7 points 1 year ago

Isn't this what Anna Sorokin went to jail for?

[-] donuts@kbin.social 5 points 1 year ago

More indictments on the way?

[-] _Sc00ter@lemmy.ml 5 points 1 year ago

This is a civil case, so no

[-] donuts@kbin.social 5 points 1 year ago

Sure but is financial fraud not a crime? Why not charge him criminally if he has been demonstrably fraudulent? I'm not a lawyer and I guess I don't really understand.

[-] Backspacecentury@kbin.social 2 points 1 year ago

To the surprise of no one.

this post was submitted on 31 Aug 2023
607 points (100.0% liked)

politics

19237 readers
1902 users here now

Welcome to the discussion of US Politics!

Rules:

  1. Post only links to articles, Title must fairly describe link contents. If your title differs from the site’s, it should only be to add context or be more descriptive. Do not post entire articles in the body or in the comments.

Links must be to the original source, not an aggregator like Google Amp, MSN, or Yahoo.

Example:

  1. Articles must be relevant to politics. Links must be to quality and original content. Articles should be worth reading. Clickbait, stub articles, and rehosted or stolen content are not allowed. Check your source for Reliability and Bias here.
  2. Be civil, No violations of TOS. It’s OK to say the subject of an article is behaving like a (pejorative, pejorative). It’s NOT OK to say another USER is (pejorative). Strong language is fine, just not directed at other members. Engage in good-faith and with respect! This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
  3. No memes, trolling, or low-effort comments. Reposts, misinformation, off-topic, trolling, or offensive. Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.
  4. Vote based on comment quality, not agreement. This community aims to foster discussion; please reward people for putting effort into articulating their viewpoint, even if you disagree with it.
  5. No hate speech, slurs, celebrating death, advocating violence, or abusive language. This will result in a ban. Usernames containing racist, or inappropriate slurs will be banned without warning

We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.

All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.

That's all the rules!

Civic Links

Register To Vote

Citizenship Resource Center

Congressional Awards Program

Federal Government Agencies

Library of Congress Legislative Resources

The White House

U.S. House of Representatives

U.S. Senate

Partnered Communities:

News

World News

Business News

Political Discussion

Ask Politics

Military News

Global Politics

Moderate Politics

Progressive Politics

UK Politics

Canadian Politics

Australian Politics

New Zealand Politics

founded 2 years ago
MODERATORS